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Bond Market News
ING Groep Prices $ AT1 at 8%
February 6, 2024
ING Groep raised $1.25bn via a PerpNC6.75 AT1 bond at a yield of 8.004%, 37.1bp inside initial guidance of 8.375% area. The subordinated bonds are rated Ba1/BBB (Moody’s/Fitch). The bond’s coupon is fixed until the first reset date of November 16, 2030 and if not redeemed by then, the coupon resets then and every five years thereafter at 5Y SOFR MS+436bp. This is the first dollar-denominated AT1 issuance by a European bank this year. Below is a table comparing ING’s new 8% Perp AT1 with other European AT1s.
Proceeds will be used for general corporate purposes and to strengthen the capital base of the issuer. A trigger event would occur if at any time the Group CET1 ratio is less than 7.00%. As per its latest results, ING Groep’s CET1 ratio stands at 14.7%.
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